Union Bank Q2 Results: Net profit jumps 90% YoY to Rs 3,511 cr, asset quality stays healthy

The net NPA for the quarter stood at 1.30 percent, improving from 2.64 percent on a year-on-year basis.

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Public sector lender Union Bank on October 27 reported a net profit of Rs 3,511 crore for the July-September FY24 quarter, which marks a 90 percent jump compared to Rs 1,848 crore clocked in the year-ago period.

The net interest income (NII) for the quarter stood at Rs 9,126 crore, an increase of 10 percent, compared to Rs 8,305 crore reported in the corresponding quarter of the previous fiscal.

The bank's gross non-performing asset (NPA) stood at 6.38 percent, down from 8.45 percent recorded in the same quarter last year. On the other hand, net NPA for the quarter stood at 1.30 percent, improving from 2.64 percent on a year-on-year basis.

The current account and savings account (CASA) deposits of the bank increased by 4.45 percent on a YoY basis to Rs 11.37 lakh crores.

Whereas the advances of the bank jumped by 9.5 percent to Rs 8.47 lakh crores from Rs 7.73 lakh crore last year.  Lending to retail, agri and MSME (RAM) segments of the bank increased by 14.62 percent YoY, where 14.68 percent growth in retail, 15.04 percent growth in agriculture and 14.03 percent growth in MSME advances. RAM advances as a per cent of domestic advances stood at 56.92 percent.

CRAR improved from 14.50 percent in September 30, 2022 to 16.69 percent. CET1 ratio of the bank improved to 13.05 percent from 10.67 percent last year.

The shares of the bank closed at Rs 99.95 apiece on BSE, up by 5.49 percent, on October 27.